The US stock markets soared in 2019, blasting to dozens of new all-time-record highs. Euphoric traders attributed these massive gains to strong corporate fundamentals and US-China trade-war progress. But the real driver of stocks’ astounding ascent was the Federal Reserve’s epic extreme easing. A panicking Fed pulled out all the stops to goose and levitate stocks, leaving fake artificially-inflated markets in its wake.
This year’s huge stock-market rally delighted nearly everyone, generating widespread euphoria. That made Americans feel wealthier, leading them to spend more freely. That pushed corporate sales and profits higher than they otherwise would’ve been. Speculators and investors loved the easy largely-one-sided gains. And stocks’ biggest fan, Trump, reveled in what lofty record stock markets implied about his policies.